Hutchin Hill Capital doubled its year-to-date returns in July, thanks to the second profitable scandal of the year the hedge fund has taken advantage of.

The New York-based firm rose 0.73% last month, leaving it up 1.5% in 2012. Much of Hutchin Hill’s earlier return could be attributed to its credit-default swap trades against JPMorgan’s huge CDS index bets, the so-called “London whale” scandal. Last month, Hutchin Hill, said it is focusing on the London Interbank Offered Rate, the interest rate at the center of a bank manipulation scandal.

The hedge fund, which is planning a London office, is seeking out irregularities in the calculation of Libor this quarter, ValueWalk reports. It is also seeking out opportunities in the U.S. credit markets this quarter.

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The ratio calendar combination spread couples two ratio calendar spreads, one using calls and the other using puts. The call strike prices are higher than the put strike prices. This strategy is complex and profit is limited, but if a high amount of time value is involved in the short positions, that profit can be substantial and risk is still limited.